Drovers National Bank v. Browne

Defendant was the president and principal stockholder of the National Auto Sales Company, hereafter referred to as the Company. On August 18, 1920, the Company, a Colorado corporation, borrowed from the plaintiff bank the sum of $10,000 on a ninety-day note and on September 10, 1920, borrowed from plaintiff an additional sum of $12,000 on a separate note, making a total loan of $22,000. As these notes matured they were extended on new notes until May 18, 1921, when a single note for $22,000 was given by the Company and the old notes were surrendered. This note became due August 15, 1921, and…